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pmbug said:
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Not sure if Mr. Escobar actually knows something that isn't public knowledge, or just echoing what's already known about the BRICS wanting to set up a bloc payments system.
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Pepe's latest:
Welcome to The Unit – a concept that has already been discussed by the financial services and investments working group set up by the BRICS+ Business Council and has a serious shot at becoming official BRICS+ policy as early as in 2025.
...
... the Unit proposes a reliable, quick and economically efficient solution for cross-border payments. The - transactional - Unit is a game-changer as a new form of international currency that can be issued in a de-centralized way, and then recognized and regulated at national level.
...
It is indeed a new concept in terms of an international currency - anchored in gold (40%) and BRICS+ currencies (60%). It is neither crypto nor stablecoin ...
...
And now comes the clincher: the Unit has already received backing by the BRICS Business Council and is on the agenda at the crucial ministerial meeting in Russia next month, which will work out the road map for the summit next October in Kazan.

That means the Unit has all it takes to be on the table as a serious subject discussed by BRICS+ and eventually be adopted as early as in 2025.
...
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sputnikglobe.com

De-Dollarization Bombshell: The Coming of BRICS+ Decentralized Monetary Ecosystem

Get ready for what may well be the geoeconomic bombshell of 2024: the coming of a decentralized monetary ecosystem.
sputnikglobe.com sputnikglobe.com

I skimmed the Unit's website:
unitfoundation.org

UNIT ecosystem

UNIT ecosystem offers people around the world apolitical money that can be freely bought and sold or used as currency for payments via any open payment and clearing system
unitfoundation.org unitfoundation.org

I didn't quite understand how the governance for this works or is enforced. It seems like just another stablecoin concept to me, but I didn't really dig into it. If news breaks that the BRICS are giving this serious attention/consideration, I'll definitely try to spend a bit more time learning about it.
 
The ubiquity of data in the digital economy has underpinned the rise of financial technology (fintech), large technology firms (big tech) and artificial intelligence (AI). While greater use of personal data can reduce search and verification costs and allow for better and more personalised services, it has raised severe privacy concerns. Consumers worry about data being harvested for unwanted advertising or price discrimination. They also worry about a data breach, when their personal information is leaked or becomes publicly available online, with potential consequences for their personal safety and reputation. And even if some individuals think they have "nothing to hide", their own actions may affect the privacy of others, eg when their data lead to information about their contacts or those similar to them. These considerations require policymakers to balance the efficient use of personal data with appropriate protection of user privacy.

www.bis.org

Nothing to hide? Gender and age differences in the willingness to share data

Many digital applications rely on the willingness of users to voluntarily share personal data. Yet some users are more comfortable sharing data than others. To document these differences, we draw on questions to a representative sample of U.S. households added to the New York Fed's Survey of...
www.bis.org www.bis.org
 
searcher said:
... Hong Kong will allow mainland China's pilot digital currency to be used ...
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3ornka9rAaKRA2Rkac.webp
 
Contains link to 21-page pdf. It's a quick, easy read if you're interested.

Introduction​

Over the past two decades, through a combination of digital innovations in payments and evolving end user needs and preferences, the regional integration of payment infrastructures has been expanding. This has enabled cross-border transactions for financial market participants or their customers, often between countries within a region. In some cases, this integration has spread across regions and even globally. Payment infrastructure integration is not only the linking of payment systems from a technical standpoint. It is equally about defining a common operational framework for transacting, clearing and settling cross-border transactions, as well as a robust governance and oversight framework that upholds the high standards of safety and financial integrity. In view of this challenging task, not all payment integration projects have been (or will be) successful.

www.bis.org

Regional payment infrastructure integration: insights for interlinking fast payment systems

Historically, efforts at payment infrastructure integration have been part of a broader regional economic strategy and benefited from strong support from the public sector. This has resulted in regional payment arrangements with an anchor in economic groupings. ...
www.bis.org www.bis.org
 
Easy to read? I found a boatload of made-up buzzwords and gobbledegook.

I appreciate your finding the link. That said, I have zero respect for NGOs like the BIS; and this looks like a report by someone trying to justify his salary and time on the clock. Like a doctoral dissertation by a DEI grad student.

What is "subtech"? A "Hackathon"?

This is what all that money-printing pays for...remember that, as you see the price of eggs go up another 50 percent. Your debased money and savings buys this slop.
 
suptech. I assume it's a mashup of "support technology"

I didn't find the report very interesting excepting where the first two highlights mentioned (bold is mine):
  • Almost all financial authorities have ongoing suptech initiatives that are focused on four broad areas: data visualisation, regulatory reporting, financial risk assessment and supervisory automation.
  • Due to organisational, legal or infrastructure constraints, financial authorities rely mostly on internal resources in building suptech solutions and much less on private vendors or collaborations with other authorities. If financial authorities engage with suptech vendors, it is mainly with regard to developing regulatory reporting solutions.
...
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That's just blatantly wrong.
 
Casey Jones said:
What is "subtech"?
Click to expand...

What is Suptech? An Overview of the Supervisory Technology | Analytics Steps

The trend of building purpose-built technologies in the field of offering regulatory oversight has led to the rise of Suptech. Learn more about this technology here.
www.analyticssteps.com www.analyticssteps.com

A "Hackathon"?

en.wikipedia.org

Hackathon - Wikipedia

en.wikipedia.org en.wikipedia.org

____________________________________________

I've learned a good bit about how the world's banking and monetary systems actually work since I've been reading the stuff from the BIS and the IMF. They are making decisions that affect every person on the planet and your average joe has no clue.

And while I might be wrong, one thing I've gleaned is they are planning on rolling out a CBDC in the not-too-distant future. Could be a digital currency for all. And the United States is as involved as are the rest of the industrialized countries. Just my take........fwiw.
 
searcher said:

What is Suptech? An Overview of the Supervisory Technology | Analytics Steps

The trend of building purpose-built technologies in the field of offering regulatory oversight has led to the rise of Suptech. Learn more about this technology here.
www.analyticssteps.com www.analyticssteps.com

A "Hackathon"?

en.wikipedia.org

Hackathon - Wikipedia

en.wikipedia.org en.wikipedia.org

____________________________________________

I've learned a good bit about how the world's banking and monetary systems actually work since I've been reading the stuff from the BIS and the IMF. They are making decisions that affect every person on the planet and your average joe has no clue.

And while I might be wrong, one thing I've gleaned is they are planning on rolling out a CBDC in the not-too-distant future. Could be a digital currency for all. And the United States is as involved as are the rest of the industrialized countries. Just my take........fwiw.
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Fair enough. If you can learn from that, God luv ya.

I have a different learning style...somewhere between mimicry and osmosis. But that's just me.

I could decipher little from that word-salad report. So I guess I'm a midwit...hey, I'll own it...
 
Fed researchers are delusional about current events:
Global central banks and finance ministries held nearly $12 trillion of foreign exchange reserves as of the end of 2023, with nearly $7 trillion composed of U.S. dollar assets. Nevertheless, a narrative has emerged that an observed decline in the share of dollar assets in official reserve portfolios represents the leading edge of the dollar’s loss of status in the international monetary system. Some market participants have similarly linked the apparent increase in official demand for gold in recent years to a desire to diversify away from the U.S. dollar. Drawing on recent research and analytics, this post questions these narratives, arguing that these observed aggregate trends largely reflect the behavior of a small number of countries and do not represent a widespread effort by central banks to diversify away from dollars.
...
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More:

libertystreeteconomics.newyorkfed.org

Taking Stock: Dollar Assets, Gold, and Official Foreign Exchange Reserves - Liberty Street Economics

A look at how declining U.S. dollar shares in official reserves and increasing demand for gold holdings reflect the actions of a small group of countries.
libertystreeteconomics.newyorkfed.org
 
USA and Saudi Arabia relations are a bit strained right now. Decent summary here:

www.fdd.org

The United States and Saudi Arabia: A Possible Path Forward

www.fdd.org www.fdd.org

and a comment on the current picture:

www.nbcnews.com

Clock ticks on U.S.-Saudi deal as election and Gaza war threaten to derail landmark agreement

“There is probably an eight-week window to get something done before elections get in the way,” a Republican congressional aide told NBC News last week.
www.nbcnews.com www.nbcnews.com

Of course, you can find chatter on social media proclaiming doom:

 
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